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The Ethereum price soared 7% in the last 24 hours to trade at $3,593.13 as of 11:24 p.m. EST as traders go long on the crypto.
The rise in the ETH price comes after blockchain technology and mining company BTC Digital went all in on Ethereum in a strategic shift and the closure of a $6 million financing round.
Ethereum Price Trades In A Bullish Channel, How High Can It Go?
Daily chart for WETH/USD (Source: GeckoTerminal)
The Ethereum price has formed a strong positive channel over the last couple of days following a series of higher highs and higher lows on the daily chart, GeckoTerminal data shows. Now, the altcoin leader is attempting to establish a position above the resistance at $3,519.11. Should ETH close a daily candle above this point, it could rise to the next mark at $3,942.80.
However, a drop back below the $3,519.11 level could prompt traders to realize their profits. If this happens, the altcoin might fall out of the bullish channel and test the support level at $3,158.18. In an extreme case, the Ethereum price might even drop to as low as $2,875.72 if bulls don’t step in.
Ethereum Price Might Have The Necessary Support From Buyers To Rise Further
Technical indicators on the daily chart suggest the Ethereum price might keep rising in the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show bulls are in control.
The MACD has risen above the MACD Signal line. This is a classic indication of bullish momentum that is picking up steam. As long as the gap between the two lines continues to grow, it will be easier for bulls to push ETH up higher than it will be for bears to drag it down in the short term.
RSI readings recently surged as well, and are now in the mid 80s. This suggests that there is a lot of buyer strength, but also warns the Ethereum price might be overbought. Traders generally see these overextended conditions as a sell signal because the asset’s downside potential is greater than its upside potential.
However, there have been instances in the past where the RSI remains high for long periods of time. This is usually when a crypto is pumping.
Given the ascending price channel and the growing bullish momentum, the Ethereum price might continue to rise even amid the high RSI readings.
Traders will still want to see how the altcoin’s price reacts around the $3,519.11 mark in the next 24 hours. A daily close above this mark might signal a continuation, while a drop could result in some profit taking.
As the Ethereum price looks to keep climbing, investors are also buying into the presale for Snorter Token (SNORT). According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, SNORT has the potential to soar 10X at launch.
Snorter Token Helps Traders Find The Next Opportunities In The Market
The crypto market is known for its volatility, especially when it comes to meme coins. These lighthearted tokens have generated life-changing fortunes for many investors who got in at the right time. However, with new tokens entering the market almost every day, finding crypto gems is a tough task. This is where Snorter Token, with its powerful bot, comes in.
Snorter’s bot is able to “sniff out” opportunities in the market and capitalize on them as soon as they emerge, with decision making and trading speeds much quicker than those of any human trader. It also functions directly within the Telegram app, so users don’t have to use browser-based tools, which is often the case with crypto trading bots.
That enables users to snipe new tokens, perform sub-second swaps, copy other top traders, and monitor their portfolios in real-time, all from Telegram, turning the messaging app into a personalized trading dashboard.
While trading meme coins is risky, Snorter bot users can rest assured that they are protected. The bot comes with advanced rug pull and honeypot scam detection, and has shown an 85% success rate in flagging and protecting users from these threats.
SNORT token holders also get some of the lowest fees on the market at just 0.85%.
SNORT Presale Closes On $2 Million
Snorter Token has raised over $1.99 million in its presale already, signaling strong investor confidence in the project’s future.
Interested investors can buy SNORT for $0.0985 apiece via the simple widget embedded on its website using either crypto or bank card.
Investors will want to buy before the next presale price hike in 30 hours.
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